Lib Dems Propose Ending 'Computer Says No' Economy to Boost UK Growth
The Liberal Democrats aim to remove bureaucratic barriers hindering UK economic growth and propose a new Partnership with the EU.
Liberal Democrat deputy leader and Treasury spokesperson Daisy Cooper has stated that the UK's economic growth is being hampered by a "computer says no" approach, referring to bureaucratic obstacles. Speaking at the party's conference in Brighton, Cooper unveiled a 30-page growth plan designed to remove barriers for businesses.
Highlights
- The party aims to prevent promising ideas and startups originating in the UK from moving overseas.
- They propose creating a digital one-stop-shop service for businesses and investors, combining tax, regulatory, and legal services.
- A new Department for Growth would be established to simplify red tape and support the growth of small and medium-sized businesses.
- A new Growth and Defence Partnership with the European Union is suggested to reverse the economic damage caused by Brexit.
- This partnership is claimed to mitigate the £90 billion annual loss in tax revenue attributed to Brexit.
Details
Daisy Cooper highlighted that despite the UK producing world-class research and brilliant startups, many of them leave to scale elsewhere. She summarized this issue by saying, "The system holds it back. The computer says no." The party's plan seeks to dismantle barriers to investment, innovation, and skills.
The proposed "one-stop-shop" digital service would allow companies and investors to manage tax, legal, and general business services from a single platform. This system, operating under a new Department for Growth, aims to reduce bureaucracy and enhance the competitiveness of small and medium-sized enterprises.
Cooper argued that a Growth and Defence Partnership with the EU would be "the single biggest growth lever we could pull" by deepening ties with Europe. This partnership intends to turbo-charge the economy and reverse the economic damage of Brexit. The party pledges to strike deals on the single market and a customs union if they come to power.
Why it matters
The Liberal Democrats' plan offers concrete solutions to the UK's post-Brexit economic challenges. The proposals, particularly the removal of bureaucratic hurdles and the re-strengthening of ties with the EU, could provide significant benefits for businesses and investors. These suggestions have the potential to boost the country's competitiveness and accelerate economic growth.